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Nairaland Forum / Nairaland / General / Business / Naira Sinks To N375 Per Dollar - The Nation (17302 Views)
Naira Sinks To Record Low At N420 Against Dollar / Naira Sinks To All-time Low Of 365.25/dollar / Naira Sinks To 378/dollar As Analysts Expect MPC Action (2) (3) (4)
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Re: Naira Sinks To N375 Per Dollar - The Nation by Rick9(m): 10:18pm On Jul 22, 2016 |
Economists pls I have a question. What causes the Dollar to Rise and Fall, Why is the Naira losing it value. Why can't we raise the value Who set the exchange rate Why is it impossible to have $1 equal to 1N as it were in the 70s ? |
Re: Naira Sinks To N375 Per Dollar - The Nation by bitchcrafts: 10:21pm On Jul 22, 2016 |
Good News! If this continue to persist, Let me now see; How Nigerians won't start inventing things How Nigerians won't start buying Nigerian made How govt won't be able to channel money stvpidly paid into money market to boost naira power into local economy. Good Change is here! Nigerians, acclimatize!! Cease the whimperings!!! 1 Like |
Re: Naira Sinks To N375 Per Dollar - The Nation by MARKone(m): 10:22pm On Jul 22, 2016 |
This man sef www.nairaland.com/attachments/4007147_buhariangrycry_jpeg840665085b2bb973a568178bbd272427 3 Likes |
Re: Naira Sinks To N375 Per Dollar - The Nation by iiiyyyk(m): 10:23pm On Jul 22, 2016 |
Good morning, We ar reaping the fruits of reckless years of wastage. 3 Likes |
Re: Naira Sinks To N375 Per Dollar - The Nation by Mendelssohn(m): 10:25pm On Jul 22, 2016 |
Jombojombo: Reason you don't know the difference between "befall" and "befallEN". That's how well Jonathan's tenure fared well for your education. 3 Likes |
Re: Naira Sinks To N375 Per Dollar - The Nation by Amazinpeace(f): 10:26pm On Jul 22, 2016 |
patiently waiting for 2019 1 Like |
Re: Naira Sinks To N375 Per Dollar - The Nation by Nobody: 10:28pm On Jul 22, 2016 |
Rick9: To answer your question in brief, we need dollars to buffer the naira. Our dollar supply has fallen. In brief, thanks to the fall in oil prices, we have lost about 70 dollars per barrel.....so we are not earning enough dollars. N1=$1 back in the 1970's because in 1973.....oil prices quadrupled....as a result, we had dollars flowing in which we used to buffer our currency.Once the oil price fell in 1982....naira started falling against the dollar from N4 in 1984 to N6 in 1989 to N22 in 1993 to N89 in 1998 and so on. At the same time, we started importing a lot in the 1970's....and continued . Meaning we lost a lot of dollars to imports. Then there are the debts we picked up too ......especially when oil prices fell...and we needed dollars to balance the books. In short....Dutch disease. 6 Likes 1 Share |
Re: Naira Sinks To N375 Per Dollar - The Nation by Nobody: 10:31pm On Jul 22, 2016 |
Amazinpeace: If oil stays below $60 per barrel by 2019.....and I fully expect it to do so....nothing will change....even if we change government. I am not saying we should not vote for our choice by 2019....what I am saying is...whoever is in charge by that date should tell Nigerians the truth. We are not a rich nation, and we cannot continue to base our economy on revenues from resources like oil....whose prices we do not control. 4 Likes 1 Share |
Re: Naira Sinks To N375 Per Dollar - The Nation by waice6571: 10:31pm On Jul 22, 2016 |
Why is Dollar popular than our local currency even in our domain? Guess work can't salvage this precarious economy condition in this country. Let the ruling class eat the humble pie and vacate those offices for people with better understanding of how economy works to formulate a working economic policies/strategies. Imagine Osinbajo leading the national economic team. Smh 2015 election remains the biggest historical error for obvious reasons. 1 Like 1 Share |
Re: Naira Sinks To N375 Per Dollar - The Nation by tno4real(m): 10:31pm On Jul 22, 2016 |
Oluwabusobomi: If it is not well with them, how can it be will with u? Think 3 Likes |
Re: Naira Sinks To N375 Per Dollar - The Nation by Nobody: 10:35pm On Jul 22, 2016 |
sarrki: Your points are good. But here is the scary fact. Let us say we had saved...that NNPC remitted all the remittances, that GEJ was a miserly saver., that OBJ , Yaradua, GEJ and PMB had corruption free governments. At the end of the day...we would have enough money saved......to delay things by a year. IE...economic crisis starts by 2017 Problem really is that selling oil is not a good foundation for any country's economy. Unless said country's population is less than 15 million. 3 Likes |
Re: Naira Sinks To N375 Per Dollar - The Nation by Oluwabusobomi(f): 10:37pm On Jul 22, 2016 |
tno4real:Sorry my life don't depend on them as yours do 1 Like |
Re: Naira Sinks To N375 Per Dollar - The Nation by eyeview: 10:38pm On Jul 22, 2016 |
Its either Buhari dies or Nigeria dies. And I don't want Nigeria to die 1 Like |
Re: Naira Sinks To N375 Per Dollar - The Nation by Nobody: 10:40pm On Jul 22, 2016 |
waice6571: 1.You have no idea about how the economy should be run if PMB and co leave the building tomorrow. 2.Basically, we are in hard times because the revenue from oil has fallen. And GEJ is not a good comparison because he had high oil revenues to play with. The economy was just as bad then.....it was the excess dollars that masked how bad it was 3.What our political elite should be telling us is the truth. Nigerian economy is dependent on the rise an fall in oil prices. We must get off oil. That means a hard path to industrial development. (APC is not expediting action that way). 4.Nigeria needs to stop relying on sharing revenues from resources sales. Not sustainable. 1 Like 1 Share |
Re: Naira Sinks To N375 Per Dollar - The Nation by Mendelssohn(m): 10:41pm On Jul 22, 2016 |
Oluwabusobomi: He that must secure his liberty from serfdom, must first guard his ruling enemies from oppression and ill-wishes. He establishes a precedent that would soon reach to him if so trivialized and consequently ignored. (Thomas Paine in "The book of commonsense" 1776) 1 Like |
Re: Naira Sinks To N375 Per Dollar - The Nation by codedguy1(m): 10:42pm On Jul 22, 2016 |
As long as we don't produce anything to export and earn dollars we will continue to grope in the dark. Even when/if we start producing we will need to satisfy local consumption first before exporting to earn dollars. We will never produce anything with this structure. True federalism practised in it true nature is what will get us out of this mess and even that will take quite some time but atleast we would be on the right path. So a change of this rent structure is the first step. The only other problem is our psychy and attitude. I believe that would improve if we change the structure and there is a sense of justice (where people don't think they are cheated) and belonging. Every state/region can comfortably fend for themselves in this country and the meaning of unity in diversity will then make sense. 3 Likes |
Re: Naira Sinks To N375 Per Dollar - The Nation by Nobody: 10:42pm On Jul 22, 2016 |
eyeview: No....it is either Nigeria stops relying on oil.....or Nigeria keeps on suffering. Whoever is in charge. 1 Like |
Re: Naira Sinks To N375 Per Dollar - The Nation by vaca1: 10:43pm On Jul 22, 2016 |
RisMas:sack and bring another person it will sink to N500 3 Likes |
Re: Naira Sinks To N375 Per Dollar - The Nation by Nobody: 10:44pm On Jul 22, 2016 |
MCRUEMUS: Good....so how would the new government run the economy with low oil prices? Am waiting for your response..... 1 Like |
Re: Naira Sinks To N375 Per Dollar - The Nation by UltimatedeBest(m): 10:45pm On Jul 22, 2016 |
Upon all dis hardship, I saw someone driving a branded vehicle of "I stand with Buhari". Tho, he ws not smiling 4 Likes |
Re: Naira Sinks To N375 Per Dollar - The Nation by Chukzyfcb(m): 10:46pm On Jul 22, 2016 |
sarrki:First of all, I make this comment not because I'm anti Gej nor pro GMB.....Yes we were warned, we knew how empty the reserves were but the question is; what did the winner of the election promise (PMB) ? If we the masses knew the current financial state of our country how much more PMB, a presdential nominee at the time? I maintain that president buhari knew what he was getting into. There was already projections that the price of Oil would plummet further, there were already projections of how our revenues would be drastically shortened. Yet apc went ahead to promise good tidings, promising heaven on earth. As citizens, we ought to hold our leaders accountable to their word. Yes the countrys financial purse may have looked bad before PMB arrived but then he PMB knew what he was getting into. No time for excuses, Kapish!!! 6 Likes |
Re: Naira Sinks To N375 Per Dollar - The Nation by permsec: 10:46pm On Jul 22, 2016 |
RisMas: The truth is u never made any salient point. 2 Likes 1 Share |
Re: Naira Sinks To N375 Per Dollar - The Nation by Jombojombo(m): 10:49pm On Jul 22, 2016 |
RisMas: SMH for your delusion 1 Like |
Re: Naira Sinks To N375 Per Dollar - The Nation by Nobody: 10:53pm On Jul 22, 2016 |
RisMas: Devaluation was not our problem per se....it was the fact that we did not have enough dollars to buffer our naira that was the problem....and it would have made devaluation inevitable.(if oil prices stayed low). Emefiele did the ''right '' thing....by putting on the brakes, and not allowing the devaluation to go out of hand. But....that is the best he can do. Either oil prices go up....or we keep on losing value per the Naira. Whoever is in charge. |
Re: Naira Sinks To N375 Per Dollar - The Nation by Nobody: 10:54pm On Jul 22, 2016 |
AmAlbert: You can lie oh! |
Re: Naira Sinks To N375 Per Dollar - The Nation by codedguy1(m): 10:55pm On Jul 22, 2016 |
Chukzyfcb: PMB knew nothing, knows nothing and will continue to know nothing! He just wanted to be lord commander of Nigeria and King in the North. Let's stop giving credit where they don't deserve. 4 Likes |
Re: Naira Sinks To N375 Per Dollar - The Nation by cmikel: 10:55pm On Jul 22, 2016 |
3 Likes 1 Share
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Re: Naira Sinks To N375 Per Dollar - The Nation by AmAlbert(m): 10:56pm On Jul 22, 2016 |
Empero1: Which 1 is I can lie oh Eco Bank changed 1k naira to 916 cfa today and you're saying am lying, I dont like it when you argue something you know nothing about... Oya how much is exchange rate today 3 Likes |
Re: Naira Sinks To N375 Per Dollar - The Nation by opribo(m): 10:58pm On Jul 22, 2016 |
....but what did we do to this man that he just wants to destroy our dear country, just imagine hoe our economy is in shambles. Just as he usurped power in 1983 and put our citizens through untold hardship. I just wonder what type of magic he wants to perform to get us out of this mess. 3 Likes |
Re: Naira Sinks To N375 Per Dollar - The Nation by ramalot(m): 10:59pm On Jul 22, 2016 |
Re: Naira Sinks To N375 Per Dollar - The Nation by waice6571: 11:01pm On Jul 22, 2016 |
Quakertellicus1: I don't have time for comparing all the available economic indices and all those permutations. All I know is, 1. Either Naira is on bullish or bearish as against Dollar, its not of any benefit to Nigerians but to the ruling class and their posterity. 2. I find it hard to differentiate between PDP and APC because they are the same set of people changing platforms to cheat and pilfer what would have benefit the people. In summary, these people are not thinking about us. Hoping for people who have a better human perspectives to lead this country not these old incompetent charlatan with their irrelevant policies. 3 Likes |
Re: Naira Sinks To N375 Per Dollar - The Nation by shamecurls(m): 11:05pm On Jul 22, 2016 |
[size=15pt][b] sarrki:[/b][/size] |
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